¿Es suficiente la autorregulación en la televisión actual?

XXI Jornades de Foment de la Investigació de la Facultat de Ciències Humanes i Socials (Any 2016)La ética de la comunicación es un tema en alza en una sociedad tan compleja como la nuestra. En el siguiente estudio se analiza críticamente, desde una perspectiva ética, la situación actual de la televisión, con el objetivo principal de responder a la pregunta: ¿es suficiente la autorregulación para una televisión excelente? Para ello, se analizan, a través de una variada bibliografía de ética de la comunicación, las principales cuestiones y retos que presenta la televisión, mostrando qué características tiene, qué problemas sufre y qué propuestas pueden aplicarse para solucionarlos. A partir de las conclusiones extraídas a lo largo del trabajo, se puede afirmar que la autorregulación no está ofreciendo una televisión de calidad. En este estudio se sugieren algunas orientaciones y mecanismos para resolver dichos conflictos éticos

Determinants of interest rate exposure of Spanish banking industry

Interest rate risk represents one of the key forms of financial risk faced by banks. It has given rise to an extensive body of research, mainly focused on the estimation of sensitivity of bank stock returns to changes in interest rates. However, the analysis of the sources of bank interest rate risk has received much less attention in the literature. The aim of this paper is to empirically investigate the main determinants of the interest rate exposure of Spanish commercial banks by using panel data methodology. The results indicate that interest rate exposure is systematically related to some bank-specific characteristics. In particular, a significant positive association is found between bank size, derivative activities, and proportion of loans to total assets and banks¿ interest rate exposure. In contrast, the proportion of deposits to total assets is significantly and negatively related to the level of bank¿s interest rate risk. El riesgo de interés representa una de las principales fuentes de riesgo financiero a las que se enfrentan las entidades bancarias. Este riesgo ha dado lugar a un extenso cuerpo de investigación, centrado básicamente en la estimación de la sensibilidad del rendimiento de las acciones bancarias ante las variaciones de los tipos de interés. Sin embargo, el análisis de los determinantes del riesgo de interés ha recibido mucha menos atención en la literatura.El objetivo de este trabajo es investigar empíricamente los principales determinantes de la exposición al riesgo de interés de las entidades bancarias españolas utilizando metodología de datos de panel. Los resultados obtenidos indican que la exposición al riesgo de interés se encuentra sistemáticamente relacionada con varias características bancarias. En particular, se ha constatado una significativa asociación positiva entre el tamaño de la entidad, el volumen de operaciones con activos derivados y el ratio de préstamos sobre activos bancarios totales y el grado de exposición al riesgo de interés. Por el contrario, se ha observado una relación negativa significativa entre el ratio de depósitos sobre activos bancarios totales y el nivel del riesgo de interés de las entidades bancarias.riesgo de interés, entidades bancarias, acciones, características bancarias. interest rate risk, banking firms, stocks, balance sheet characteristics.

Interest rate exposure of Spanish banks: A nonparametric analysis

Interest rate risk is one of the major financial risks faced by banks due to the very nature of the banking business. The most common approach in the literature has been to estimate the impact of interest rate risk on banks using a simple linear regression model. However, the relationship between interest rate changes and bank stock returns does not need to be exclusively linear. This article provides a comprehensive analysis of the interest rate exposure of the Spanish banking industry employing both parametric and non parametric estimation methods. Its main contribution is to use, for the first time in the context of banks’ interest rate risk, a nonparametric regression technique that avoids the assumption of a specific functional form. One the one hand, it is found that the Spanish banking sector exhibits a remarkable degree of interest rate exposure, although the impact of interest rate changes on bank stock returns has significantly declined following the introduction of the euro. Further, a pattern of positive exposure emerges during the post-euro period. On the other hand, the results corresponding to the nonparametric model support the expansion of the conventional linear model in an attempt to gain a greater insight into the actual degree of exposure

How credit ratings affect sovereign credit risk: cross-border evidence in Latin American emerging markets

This article builds upon previous literature by providing a better understanding of how contagion changes in bordering sovereign CDS emerging markets resulting from credit rating events. To that end, we follow the novel GVAR methodology using data from six Latin American emerging countries during an extensive sample period from 2004 to 2014. Our findings showevidence for the existence of significant and asymmetric cross-border effects. In particular, a competition effect is observed before the event occurs, indicating that non-event countries suffer (benefit) fromupgrades (downgrades) in Brazil,Mexico and Chile (in Argentina and Brazil). In contrast, an imitation effect is observed after rating upgrades in Chile, to the benefit of bordering non-event countries

Do sovereign ratings cause instability in cross-border emerging CDS markets?

We analyse the cross-border transmission effect of credit ratings on sovereign CDSs covering a broad sample of emerging countries during the period 2004 to 2015. This study differentiates between the spillover and competition effects between and within geographical areas of emerging countries. We find substantial evidence of cross-border effects with asymmetric responses to upgrades and downgrades. The market reaction differs across regions, reflecting how the international and local impact of rating events are due to different types of effects. At the international portfolio level, the competitive effect is dominant over the spillover effect. Negative events in Asia benefit Africa (which is also negatively affected by upgrades in Asia) and Middle East, the latter transmitting in turn to Asia with the same competitive effect. However, some spillover effects are also found both at the portfolio and intra-portfolio levels. The ones associated with downgrades are especially sensitive. In these cases, we identify the particular emerging economies that contribute to an increase in financial instability and to regional spillover effects

Is there a connection between sovereign CDS spreads and the stock market? Evidence for European and US returns and volatilities

This study complements the current literature, providing a thorough investigation of the lead–lag connection between stock indices and sovereign credit default swap (CDS) returns for 14 European countries and the US over the period 2004–2016. We use a rolling VAR framework that enables us to analyse the connection process over time covering both crisis and non-crisis periods. In addition, we analyse the relationship between stock market volatility and CDS returns. We find that the connection between the credit and equity markets does exist and that it is time variable and seems to be related to financial crises. We also observe that stock market returns anticipate sovereign CDS returns, and sovereign CDSs anticipate the conditional volatility of equity returns, closing a connectedness circle between markets. Contribution percentages in terms of returns are more intense in the US than in Europe and the opposite result is found with respect to volatilities. Within Europe, a greater impact in Eurozone countries compared to non-Eurozone countries is observed. Finally, an additional analysis is also carried out for the financial sector, obtaining results largely consistent with those found using sovereign data.The authors acknowledge financial support from the Fundación Ramón Areces and PGC2018-095072-B-I00. In addition, Laura Ballester acknowledges financial support from the Spanish Ministry of Science, Innovation and Universities and FEDER project PGC2018-093645-B-I00 and Ana González-Urteaga acknowledges financial support from the Ministry of Economics and Competitiveness through grant ECO2016-77631-R (AEI/FEDER.UE), from the Ministry of Science and Innovation through grant PID2019-104304GB-I00/AEI/10.13039/501100011033, and a UPNA Research Grant for Young Researchers, Edition 2018

The role of internal corporate governance mechanisms on default risk: A systematic review for different institutional settings

Recent financial downturns, characterized by the significant failures of firms, have revealed the need to control credit risk. Latest literature has shown that weak corporate governance structures are related to high levels of default risk, leading to financial instability. In this context, we aim to summarize the literature that focuses on the role that internal corporate governance plays in the credit risk of firms, specifically considering three corporate governance components: ownership structure, board structure and financial stakeholders' rights and relations. Additionally, we analyse whether the effectiveness of the internal mechanisms depends on particular key factors, especially the institutional setting and the type of mechanisms considered. Finally, new lines of research are identified for future research

Estudio del concepto de infidelidad en población universitaria

Introducción: En la actualidad no hay una definición universal acerca del concepto in- fidelidad. Por ello, este estudio pretende analizar cuál es el concepto de infidelidad que tienen los jóvenes. Método: Los participantes de este estudio son 300 jóvenes universi- tarios de edades comprendidas entre 18 y 26 años (media = 20,8, dt = 2,13) equipara- dos por género. Para la obtención de los datos se ha utilizado un instrumento de elabo- ración propia que recoge 33 conductas que podrían estar relacionadas con la infidelidad. Cada participante indicó para cada conducta si creía que era una forma de ser infiel y, en el caso de que lo hiciera su pareja, si le parecería que le estaba siendo infiel. Resul- tados: Se ha obtenido que un 31,5 % de la muestra ha sido infiel, al menos, una vez y un 32,8 % ha sido víctima de una infidelidad. Los resultados muestran que existen dife- rencias significativas en función del género, siendo las mujeres las que consideran un mayor número de conductas como una manera de ser infiel. Además, se encontraron diferencias significativas en la orientación sexual, obteniendo que las personas con una orientación sexual homosexual eran significativamente más infieles. Discusión: Contra- riamente a la percepción de que los hombres cometen más infidelidades que las muje- res, no se han encontrado resultados que sustenten esta afirmación. Así mismo, las conductas en las que se ha encontrado un mayor consenso en cuanto a ser una forma de ser infiel son de carácter sexual.Introduction: Currently there is no universal definition of infidelity. Therefore, this study aims to analyse young people’s concept of infidelity. Method: The participants in this study were 300 university students aged 18-26 years (average = 20.82, sd=2.134), com- pared by gender. To obtain data, an instrument was used that the authors developed, which included 33 behaviours possibly related to infidelity. For each behaviour, the par- ticipants indicated if they believed it was a way of being unfaithful, and that if their partner did this, it would seem (s)he was unfaithful. Results: The obtained results indicated that 31.5% of the sample had been unfaithful at least once and 32.8% had been victims of infidelity. They also showed significant differences for gender, as women considered a larger number of behaviours as a way of being unfaithful. Significant differences in sexu- al orientation were also found as those with a homosexual sexual orientation were sig- nificantly more unfaithful than heterosexual and bisexual people. Discussion: No results were found to support the claim that males commit more acts of infidelity than women. The behaviours in which a greater consensus was reached as to the form of being un- faithful were all sexual behaviours